Comerica

Barclays analyst Jason Goldberg maintains Comerica (NYSE:CMA) with a Underweight and lowers the price target from $52 to $49.

Comerica (NYSE:CMA) reported quarterly earnings of $1.84 per share. This is a 29.23 percent decrease over earnings of $2.60 per share from the same period last year. The company reported quarterly sales of $896.00 million which beat the analyst consensus estimate of $878.71 million by 1.97 percent. This is a 9.04 percent decrease over sales of $985.00 million the same period last year.

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We decrease our 12-month target price by $3 to $35, 5.8x our 2024 EPS estimate, a discount to CMA’s five-year forward P/E average of 11.5x given elevated funding pressure. We increase our 2023 EPS estimate by $0.16 to $7.79 and lower 2024’s by $0.09 to $6.02. CMA posted Q3 EPS of $1.84 versus $2.60 a year ago, $0.14 above consensus. Net interest income fell 3% Q/Q as the bank’s net interest margin compressed 9 bps to 2.84%. After six straight quarters of sequential deposit outflows, balances rebounded with 2% Q/Q growth. However, noninterest-bearing balances fell 5% and we expect continued pressure as clients continue to search for yield in today’s high-rate environment. Credit quality continued to impress with nonperforming assets falling 4 bps to 0.29%. Capital levels

Comerica (NYSE:CMA) reported Q2 earnings  of $2.01 per diluted share, up from $1.92 a year earlier. Analysts polled by Capital IQ expected $1.86. Revenue for the June quarter, expressed as the sum of net interest income and total noninterest income, was $924 million, compared with $829 million a year earlier. Analysts surveyed by Capital IQ expected $902.6 million.